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Investor profile

AP4

Pension Fund · Founded 2001 · Stockholms kommun, Sweden

The Fourth Swedish National Pension Fund (AP4) is one of five buffer funds in the Swedish pension system

33 funds backed Pension fund · $50B AUM · 5% to VC · LP rank #249 · 7 direct holdings · Last investment 6/2026
Funds backed 33
Power Law funds backed 3
Direct holdings 7
Fund commitments

The funds AP4 backs.

AP4 is a limited partner in 33 funds. 3 of them place in the Power Law Investor Ranking, and the best-ranked are shown here.

Portfolio analysis

Where AP4’s portfolio is concentrated.

Distribution of portfolio companies by headquarters country, sector, entry stage and current growth stage. Across all 7 portfolio companies. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount
  1. Sweden7
By sectorCount
  1. Health4
  2. Marketing2
  3. Energy1
  4. Enterprise Software1
  5. Fintech1
  6. Transportation1
By stage enteredCount
  1. Series B+5
  2. Series A1
By growth stageCount
  1. Late Growth4
  2. Breakout Stage3
Portfolio founders

Where AP4’s portfolio founders come from.

16 founders across the 7 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount
  1. Sweden15
  2. United States1
UniversityCount
  1. Lund University3
  2. Stockholm School of Economics3
  3. Karolinska Institute2
  4. Brown University1
  5. Carnegie Mellon University1
  6. CentraleSupélec - Paris-Saclay University1
  7. Harvard Business School1
  8. Harvard University1
  9. IMD Business School1
  10. Massachusetts Institute of Technology1
Previous companyCount
  1. AstraZeneca2
  2. Keybroker2
  3. ABB1
  4. Booz Allen Hamilton1
  5. DynaMotive1
  6. Eisai1
  7. Estring1
  8. Harvard Stem Cell Institute1
  9. Investor1
  10. Karolinska Institute1
Figures on this page are sourced live from the Dealroom next-gen API, joined with Dealroom’s cap-table dataset (estimated holdings) and the Power Law Investor Ranking. News in “Featured in” is drawn from Dealroom’s own coverage — the stories that name this investor, not only those it is the subject of. Market sentiment is omitted until the API exposes it.